IPO Forecast|Jin Zhiwei: After losing 531 million yuan in three years, it is still difficult to “lie back and win” at the top of the AI digital employee market

Jin Zhiwei, who has the aura of “No. 1 in China's AI digital employee market”, once again knocked on the doors of the Hong Kong Stock Exchange.

On August 21, Zhuhai Jinzhiwei Artificial Intelligence Co., Ltd. (“Jinzhiwei” for short) submitted a listing application to the Hong Kong Stock Exchange for the second time to be listed on the Hong Kong Main Board. The last submission was on December 15, 2025, and expired on June 15, 2026 due to the expiration of 6 months.

After a comeback eight months later, Jin Zhiwei's aura of “No. 1 in China's AI digital employee market” couldn't hide another shocking set of numbers in the prospectus: as of June 30, 2026, the company had deployed more than 2 million AI digital employees, serving more than 1,600 customers, covering six major state-owned banks and over 130 securities companies. At the same time, however, there was a loss of $531 million over three years, leaving only about $72 million in cash on book, and liabilities related to redeemable preferred shares reached $2,126 billion.

2 million AI digital employees are “working part-time”, but the company itself lost 531 million yuan in three years — why is Jin Zhiwei's Chamber of Commerce in such a difficult situation?

2 million AI digital employees solicited customers, still losing 531 million yuan in three years

For Jin Zhiwei, one million digital employees are the business card of the industry, and thousands of domestic enterprise customers are the foundation for transformation; however, business cards are not equal to income; however, the base has yet to be monetized.

Turning over the prospectus, Jin Zhiwei's brightest label focuses on the implementation results. By the end of June 2026, the company had deployed more than 2 million AI digital employees, with customers covering more than 270 banks and 130 brokerage firms. Most of the mainstream domestic financial institutions appeared on the customer list, and also extended to the fields of government affairs, operators, high-end manufacturing, etc., including more than 100 top 500 companies.

Getting bulk orders in a highly regulated financial industry is itself a very high industry threshold. And Jin Zhiwei's ability to run a large number of benchmark cases on the financial circuit also clearly means that the company's platform has been tested by real business pressure: from early K‑RPA process automation tools, to the K‑APA intelligent automation platform, to the newly launched Ki‑Agent enterprise-level intelligent platform, the product route has iterated from “scripted screen-recording automation” to “large model driven, multi-agent collaboration”, and formed a complete technology stack covering process mining, low code orchestration, large model call, and full life cycle management.

However, Zhitong Finance observed that its impressive implementation data did not smoothly translate into revenue and profit.

From 2023 to 2025, Jin Zhiwei's revenue was 217 million yuan, 243 million yuan, and 256 million yuan, respectively. From 2023 to 2025, the two-year compound growth rate was only 8.7%. Revenue for the first half of 2026 was 65.13 million yuan, up about 42% year on year — this growth rate may seem impressive, but it is based on a low base of 45.98 million yuan in the first half of 2025.

Meanwhile, the domestic enterprise-level AI solutions market had a compound growth rate of 37.1% during the same period. This is also an intriguing reality: that is, the leader in segmented racetracks has outperformed the market in terms of revenue growth.

Among them, the root cause of growth bottlenecks is mainly hidden in the revenue structure. Currently, more than 70% of the company's revenue comes from project-based delivery. Many projects are “one single discussion”: according to the customer's specific business process, the implementation team is arranged to conduct on-site requirements research, process configuration, scenario debugging, and on-site inspection. Every time you expand a major customer, you need to match the corresponding product, implementation, operation and maintenance manpower. The advantage of this model is that it is easier to win benchmark orders, but the shortcomings are also prominent — revenue expansion is highly dependent on personnel expansion, marginal costs are difficult to quickly dilute, and it is easy to fall into the “more people, more projects, higher revenue, and bigger losses” dilemma.

The pressure at the profit level is more intuitive. From 2023 to 2025, Jin Zhiwei's net losses were 63 million yuan, 122 million yuan, and 346 million yuan respectively, with a loss of 531 million yuan over three years. As of the first half of 2026, it was still in the process of losing money, recording a loss of 109 million yuan.

Losses are mainly due to three expenses: continuous increase in R&D investment in large models and smart devices; sales and marketing expenses for multi-industry expansion; and large-scale project implementation and operation and maintenance labor costs. In the first half of 2026, the company's revenue accelerated year-on-year, but it was still unable to reverse losses.

At the same time, as Jin Zhiwei continued to lose money, the company's cash flow gradually became urgent. From 2023 to 2025, the net cash flow from the company's operating activities was 56.67 million yuan, 26.49 million yuan, and 59.16 million yuan, respectively. The hematopoietic capacity of the main business continues to be negative. As of the end of June 2026, the book value of the company's redeemable liabilities reached about $2,126 billion, with cash and cash equivalents on the books being only over 71 million yuan. The financial pressure was obvious. Also, it is worth noting that Jin Zhiwei's redeemable debt is as high as 2.26 billion yuan, which is a preferred stock gambling arrangement; if the listing falls short of expectations, it may trigger a redemption clause.

From the above, it is easy to see that one million digital employees are only admission tickets, and commercial self-negotiation is the final test question. This also means that the story of Jin Zhiwei, a leading AI digital employee, ultimately still needs to be verified by business performance.

Running wild on the 100 billion circuit, the number one in the industry is still difficult to “lie back and win”

Of course, in order to understand the value and risks of Jin Zhiwei, we also need to break out of the perspective of a single company and clearly see the opportunities and challenges of the entire digital employee circuit.

The market for enterprise-level AI solutions in China has maintained rapid growth in recent years due to the intelligent upgrading of enterprises, the digital construction of the government, and the continuous implementation of large models of artificial intelligence. Currently, enterprise-level AI applications are gradually transforming from single-point automation to comprehensive intelligence, and AI digital employees are the core representatives. AI digital employees combine RPA, NLP, ASR, OCR and big language model technology, and have cross-system operation, language understanding, knowledge reasoning and task decision-making capabilities.

According to the prospectus data, China's AI solutions market is currently expanding at an accelerated pace. The market size of enterprise-grade AI solutions has grown from RMB 14.3 billion in 2020 to RMB 69.4 billion in 2025, achieving a compound annual growth rate of 37.1% during this period. Driven by the digital transformation of enterprises and the acceleration of intelligent government construction, it is expected to grow at a CAGR of 47.0% from 2026 to 2030, reaching RMB 476.3 billion by 2030.

Being on this booming track, Jin Zhiwei holds a dual leading position and is a leading player on the domestic AI digital employee circuit.

In terms of revenue, Jin Zhiwei ranked first in China's AI digital employee solutions market for three consecutive years from 2023 to 2025; if measured by the number of large and medium-sized enterprises served, it also ranked first in the industry. Especially on the financial services circuit, the company ranked first in revenue for three consecutive years, building a solid industry barrier.

However, prosperity does not mean certainty, and being number one in the industry does not equal a solidification of the pattern. Behind Jin Zhiwei's bright track prospects and leading market share, deep structural risks in the industry are still prominent, continuing to limit the company's growth ceiling.

On the one hand, the market pattern is extremely fragmented. Although Jin Zhiwei ranked first in terms of segmented statistics, the overall market CR5 is very low, and the market share of leading players is in single digits. Not only are there many RPA native manufacturers on the racetrack, but also major Internet companies, traditional ERP vendors, low-code platforms, and vertical industry model companies that continue to cross borders, and may reshape rankings at any time under fierce competition.

On the other hand, a unified business model has yet to work. Looking at home and abroad, currently no enterprise-level smart device manufacturer has handed over a perfect profit questionnaire. Whether it's a project system, subscription system, hybrid model, industry suite, and task-based billing, the entire industry is still in the group trial and error stage.

In addition to this, technology is iterating rapidly, and there are route risks. General-purpose large models, industry models, lightweight small models, agent architectures, and multi-agent collaboration solutions continue to evolve rapidly. Today's hugely invested platforms may face depreciation of products and declining competitiveness in a few years if they fail to keep up with the technological paradigm shift. Continued huge investment in R&D is a ticket to admission, but it does not guarantee that all R&D is in the right direction.

As can be seen from the above, it can be seen that the racetrack dividends are certainly attractive, but the fragmentation pattern, undecided business model, and technological iteration are all hurdles that Jin Zhiwei must cross.

epilogue

Taken together, Jin Zhiwei is a “growing company on a good track” — the industry has broad prospects and a leading market position, but there are significant shortcomings in financial health, business model efficiency, and governance structure.

This also means that Jin Zhiwei's listing in Hong Kong is not the end of this story, but rather the opening bell for a new round of public examinations. Its future investment value is not that it is currently leading the way, but whether this company, which has a first-mover advantage, can overcome the mountain of continuous losses in the midst of a fierce industry wave and achieve self-transformation from a benchmark case to a standardized product platform.